ZEGA Investments LLC Grows Stock Holdings in Intuit Inc. $INTU

Key Points

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ZEGA Investments LLC increased its position in shares of Intuit Inc. (NASDAQ:INTU - Free Report) by 84.3% during the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 2,811 shares of the software maker's stock after acquiring an additional 1,286 shares during the period. ZEGA Investments LLC's holdings in Intuit were worth $1,726,000 at the end of the most recent quarter.

Several other hedge funds have also made changes to their positions in the business. Copia Wealth Management purchased a new position in Intuit in the 4th quarter valued at approximately $25,000. Heck Capital Advisors LLC acquired a new position in Intuit during the 4th quarter worth $28,000. Olde Wealth Management LLC purchased a new stake in Intuit during the 1st quarter worth about $37,000. Atlantic Edge Private Wealth Management LLC raised its position in Intuit by 523.1% in the 1st quarter. Atlantic Edge Private Wealth Management LLC now owns 81 shares of the software maker's stock valued at $50,000 after purchasing an additional 68 shares in the last quarter. Finally, Hughes Financial Services LLC purchased a new position in shares of Intuit in the 1st quarter valued at about $50,000. Institutional investors and hedge funds own 83.66% of the company's stock.

Analysts Set New Price Targets

INTU has been the topic of several analyst reports. Royal Bank Of Canada reaffirmed an "outperform" rating and issued a $850.00 target price (up previously from $760.00) on shares of Intuit in a report on Friday, May 23rd. UBS Group set a $750.00 price objective on shares of Intuit and gave the company a "neutral" rating in a research report on Friday, May 23rd. Bank of America lifted their price objective on shares of Intuit from $730.00 to $875.00 and gave the stock a "buy" rating in a research report on Friday, May 23rd. Evercore ISI boosted their target price on shares of Intuit from $685.00 to $785.00 and gave the stock an "outperform" rating in a research note on Friday, May 23rd. Finally, Piper Sandler restated an "overweight" rating and issued a $825.00 price target (up from $785.00) on shares of Intuit in a research note on Friday, May 23rd. One research analyst has rated the stock with a Strong Buy rating, twenty have issued a Buy rating, two have given a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $809.86.

Intuit Stock Down 0.2%

Shares of NASDAQ INTU traded down $1.39 during mid-day trading on Thursday, reaching $697.76. The company had a trading volume of 2,497,899 shares, compared to its average volume of 1,726,857. The firm has a 50 day simple moving average of $758.91 and a two-hundred day simple moving average of $673.86. Intuit Inc. has a 52-week low of $532.65 and a 52-week high of $813.70. The company has a current ratio of 1.45, a quick ratio of 1.45 and a debt-to-equity ratio of 0.29. The stock has a market cap of $194.64 billion, a P/E ratio of 56.64, a PEG ratio of 2.69 and a beta of 1.28.

Intuit (NASDAQ:INTU - Get Free Report) last released its quarterly earnings data on Thursday, May 22nd. The software maker reported $11.65 earnings per share (EPS) for the quarter, beating the consensus estimate of $10.89 by $0.76. The company had revenue of $7.75 billion during the quarter, compared to the consensus estimate of $7.56 billion. Intuit had a net margin of 19.07% and a return on equity of 21.46%. Intuit's revenue for the quarter was up 15.1% on a year-over-year basis. During the same quarter in the prior year, the firm posted $9.88 earnings per share. Sell-side analysts predict that Intuit Inc. will post 14.09 earnings per share for the current year.

Insiders Place Their Bets

In related news, Director Richard L. Dalzell sold 333 shares of the company's stock in a transaction dated Thursday, July 10th. The stock was sold at an average price of $768.43, for a total value of $255,887.19. Following the completion of the sale, the director directly owned 15,474 shares of the company's stock, valued at $11,890,685.82. This represents a 2.11% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Alex G. Balazs sold 882 shares of the firm's stock in a transaction that occurred on Tuesday, July 8th. The stock was sold at an average price of $781.63, for a total value of $689,397.66. The disclosure for this sale can be found here. In the last three months, insiders sold 279,800 shares of company stock worth $209,725,054. Corporate insiders own 2.68% of the company's stock.

Intuit Profile

Intuit Inc provides financial management and compliance products and services for consumers, small businesses, self-employed, and accounting professionals in the United States, Canada, and internationally. The company operates in four segments: Small Business & Self-Employed, Consumer, Credit Karma, and ProTax.